Schlumberger Limited (NYSE:SLB) is Jim Cramer’s pick for investors seeking oil sector stocks amid consolidation, as the star analyst says that, “With oil looking like it has bottomed, SLB can have a multiyear rally.” Meanwhile, National Oilwell’s purchase of Robbins and Myers bumped up prices of other potential buyout targets like Lufkin Industries, Inc. (NASDAQ:LUFK) and Gardner Denver Inc. (NYSE:GDI), but Cramer declares that investing ahead of a takeover is a risky venture.

Chesapeake Energy Corporation (NYSE:CHK) conceded Thursday that it has received a Justice Department subpoena linked to land deals it made in Michigan, and shares moved down modestly in reaction on Friday. Just less than a week prior to the subpoena, it was reported by Reuters that Chesapeake colluded with Encana Corporation (NYSE:ECA) to push down land prices in areas that were considered rich in oil and natural gas.